Leading South Korean cryptobiruses opened a hotline to combat money laundering

Four leading cryptocurrency exchanges of South Korea organized a joint hotline to combat money laundering in real time.

According to a press release, Bithumb, Upbit, Corbit and Coinone initiative will allow users to share information about any unusual trading or payments that can potentially be associated with criminal activities or fraudulent schemes. Receiving signals, trading platforms will be able to quickly check suspicious transactions, and if necessary, immediately block the involved accounts.

The line will also provide a direct connection between the exchanges themselves, which will begin to exchange data on doubtful actions of customers. Additionally, a single base of suspicious addresses of cryptococheries will be created, the activity of which will be intended to observe. According to representatives of the platforms, they also have experience with virtual accounts that have completed the authentication of banks, which provides strong relations with traditional financial institutions.

Despite the fight against money laundering, Bithumb and Upbit earlier were accused of falsifying activity and artificial overestimation of trading volumes. Although cryptobirries deny it, but the investigations are still underway.

In neighboring Japan, Crypto Industry began to independently lead an active fight against crime. October 24 Local Association of Virtual Currency Exchange received